PRACTICE PROBLEM #2 Journalize the following transactions using a 2-column journal. Open the customers' and creditors' cards. Make postings only to the Accounts Receivable and Accounts Payable ledgers, extract the balances, reconcile these with the balances in the cards. Dr. Janet Artuz opened her medical clinic in Laguna. The following is a summary of transactions during its first month of operation. January 3 The doctor invested P50,000 cash and P30,000 medical equipment in the Clinic. 5 Bought furniture and fixtures costing P15,000 from Furniture Canvas on account. 10 Bought and paid cash for medical supplies costing P5,000. 14 A summary of medical services rendered showed: cash patients for medical check-up, P6,000; on account patients for surgery done, Miles Pangilinan P15,000 and Francis Santos P5,000 15 Dr. Artuz bought an ECG equipment from Melrose Medical Equipment and Paid P50,000 out of her personal cash with the balance of P150,000 payable in 24 monthly installments. 16 Paid the semi-monthly salaries of the secretary and the nurse, P9,500 17 Collected in full from Francis Santos while Miles Pangilinan made a partial payment of P5,000 18 Dr. Artuz withdrew P750 medical supplies for family use 20 Sent a bill to Purefoods Corporation for the monthly check-up of its Employees, P5,000 22 Partial payment was made to Fumiture Canvas in the amount of P5,000 24 Summary of cash receipts for medical check-up of various patients, P5,000 28 Dr. Artuz charged Mr. John Cojamco for a gallbladder operation. He paid P15,000 in cash and promised to pay P25,000 within 30 days. 29 Paid for utilities, P5,000; clinic rental, P8,000 and semi-monthly salaries 30 Medical supplies used up, P3,000. ASSETS LIABIL OWNER'S EQUITY ITIES CASH SUPP EQUIP FURNIT ACCOU ACCOU ARTUZ, PROFESSI EXPENSES LIES MENT URE NTS NTS CAPITAL ONAL RECEIV PAYABL FEES ABLE E 3 50000 30000 80000 5 15000 15000 (5000) 5000 6000 20000 26,000 20000 150000 50000 0

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